None of us saw the COVID-19 pandemic coming, especially not at this scale. Besides causing severe destruction worldwide, it also made us realize the fragility of human life. Unfortunately, diseases and viruses will forever be a part of our lives and will always come unannounced. However, we can protect ourselves from such adversities by investing in comprehensive health insurance plans.
If you're wondering whether a comprehensive health care plan is different from basic health insurance, the answer is yes, to some degree. Unlike regular health policies, comprehensive health insurance offers ample medical coverage, including outpatient & inpatient treatments, medical tests, and even consultations. Plans offered by some of the best health insurance companies might even include limited cover for oral surgery, homeopathy, home nursing, and maternity.
Here's an in-depth look at comprehensive health insurance.
The Major Benefits of Buying Comprehensive Health Plans
Mentioned below are few major benefits that come with purchasing a comprehensive, or any health care policy for that matter. It is essential to understand these benefits before you start investing, even if you opt for the best health insurance companies.
1. Financial assistance during emergencies
You must be aware of the high rise in health care costs and how they can exhaust your entire life savings in a minute. But if you invest in health insurance wisely, you can escape the financial losses. Moreover, comprehensive plans secure your future even further, as most medical expenses are covered under one single premium.
2. Tax returns
If you read section 80D of the Income Tax Act, you will find that an individual can claim deductions on their annual income tax amount for the premium paid towards health insurance policies. This applies to all health care plans, be it for yourself or your family.
3. Savings & Finance management
Since comprehensive health insurance provides cover against most medical expenses, you are bound to save more. Similarly, as your savings grow, your investments grow, and you can increase your net worth by investing in mutual funds, stocks, fixed deposits, and Systematic Investment Plans (SIPs).
What Does Comprehensive Health Insurance Cover?
Here are the key features of comprehensive health care plans offered by the majority of the best health insurance companies.
- Pre & Post-Hospitalization Costs: Apart from medical expenses incurred during hospitalization, comprehensive plans also cover pre & post-hospitalization charges.
- Ambulance Cover: The policies cover the cost of ambulances and other medical transport services.
- Critical Illnesses: One major advantage of choosing comprehensive health plans is that it offers sufficient coverage for critical illnesses such as cancer, organ transplant, heart attack, paralysis, etcetera.
- Day Care Treatments: Most common daycare procedures like dialysis and radiology are covered under a comprehensive health insurance policy.
- Annual Health Checkups: By investing in comprehensive health plans, you can stay up to date on your medical profile as they include free annual health checkups.
- Cashless Payments: Gone are the days when you had to wait for insurance providers to reimburse you, as with extensive health policies, you don't have to pay anything.
- Domiciliary Care: You can also claim the medical expenses incurred due to domiciliary hospitalization under comprehensive plans provided by the best health insurance companies.